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Solvency II revision: major political challenges and options

Day 2 Afternoon

Thursday 24 February

Room :

QUEEN MARY (ground floor)


Petra Hielkema
Chairperson - European Insurance and Occupational Pensions Authority (EIOPA)
Public Authorities
Markus Ferber
MEP - Committee on Economic and Monetary Affairs, European Parliament
Frank Grund
Chief Executive Director Insurance and Pension Funds Supervision - Federal Financial Supervisory Authority, Germany (BaFin)
Sébastien Raspiller
Assistant Secretary - Ministry of the Economy, Finance and the Recovery Plan, France - Direction Générale du Trésor
Industry Representatives
Jean-Laurent Granier
President and Chief Executive Officer - Generali France
Renaud Guidée
AXA Group Chief Risk Officer and Chair of the Net Zero Insurance Alliance (NZIA) - AXA Group

Objectives of the session

A review of the EU (re)insurance regulatory framework is on the table to draw the lessons of the first years of its application. The revision is handled in the context of an unprecedented long-term investment need related to digital and sustainability transition EU challenges. In addition, despite a recent re-emergence of inflationary trends, the so called “low for long” context also requires attention. The challenge is to preserve a strong policy-holder protection while avoiding unnecessary sterilising prudential own-funds.

This session is dedicated to gather the lessons drawn by the panellists on the main building blocks and architecture of the current regulation notably in regard to the new challenges faced, and then to discuss the evolutions envisaged for the EU insurance framework notably in the global context.

Questions to be addressed

  1. What are the lessons learned on the main principles and building blocks underpinning the framework (market consistent balance sheet, risk based One year horizon, volatility adjusters, assessment of the cost of capital, UFR, …)?
  2. What are the main political and economic priorities that should be embarked in the revision of the insurance framework in the current economy context?
  3. What are the evolutions envisaged for the EU insurance framework and underlying stakes in the global context?